Great Lakes Bancorp shareholders OK deal with First Niagara

By Lisa Kerner

Charlotte, N.C., Feb. 12 - Great Lakes Bancorp, Inc. shareholders voted to approve the company's merger with First Niagara Financial Group, Inc. at a special meeting held on Tuesday.

A company news release stated that the merger is expected to close on Friday.

As previously reported, First Niagara agreed to acquire Great Lakes for $14 per share in a transaction valued at approximately $153 million.

Great Lakes shareholders may elect to receive $14 in cash, 0.993 of a share of First Niagara stock, or a combination of cash and stock for each share of Great Lakes stock they own, subject to proration.

Located in Buffalo, Great Lakes operates as the holding company for the Greater Buffalo Savings Bank.

First Niagara is the holding company for First Niagara Bank based in Lockport, N.Y.

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